Swedbank, Coral Beach hearing is called off

Make text smaller Make text larger

  • Receivership looms: A sign and logo of Swedish lender Swedbank.

    Receivership looms: A sign and logo of Swedish lender Swedbank.


A Supreme Court hearing expected to put Coral Beach Club in receivership by mortgagee Swedbank was postponed yesterday.

Swedbank AB New York Branch versus Brickman Properties was due to be heard in Commercial Court at 11am, but it is understood it was cancelled due to legal issues over documents.

With the receivership looming, Coral Beach’s future as a private club remains unclear.

New York-based Brickman purchased the CBC and Horizons leases from ultimate owners, George Wardman’s company, with a loan which ended up being held by Sweden’s Swedbank.

As part of the lease purchase, Brickman also agreed to annual rental payments of $1 million for the Horizon lease and $1 million for the CBC lease for the next 45 years of the lease,.

A group of members has been looking at buying the club, but it is understood Swedbank will only sell the two leases as a package.

You must be registered or signed-in to post comment or to vote.

Published Feb 15, 2013 at 8:00 am (Updated Feb 14, 2013 at 7:17 pm)

Swedbank, Coral Beach hearing is called off

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

Take Our Poll

  • Which of the following best describes your opinion on how Senior Civil Servant job positions should be granted?
  • Senior civil servants should be appointed on a temporary contract renewable basis.
  • 74%
  • Senior civil servants should continue to be appointed on a permanent basis
  • 18%
  • Don't Know
  • 8%
  • Total Votes: 2155
  • Poll Archive

Today's Obituaries

View all Obituaries Place an obituary

Facebook Activity